HFF recently announced that it has secured $14.5 million in financing for Metro Park South, a 132,721-square-foot, Class A office building in Matawan.
HFF worked on behalf of the borrower, Denholtz Associates, to secure the three-year, floating-rate bridge loan with The Bancorp Bank. Loan proceeds will be used to pay off existing debt, execute a capital expenditure program that includes upgrades to the building’s lobby and common areas, and cover upcoming tenant improvements and leasing commissions needed to stabilize the property.
Metro Park South is part of a three-building cluster of high-quality office assets located at 100 Matawan Road at Exit 120 of the Garden State Parkway and within minutes of the New Jersey Turnpike, Routes 1 and 9 and Interstate 287. Amenities at the four-story building include an atrium lobby, 100 covered executive parking spaces, on-site café and abundant parking.
The HFF debt placement team representing the borrower was led by director Michael Klein along with senior managing director Jon Mikula and associate director Michael Lachs.
“The borrower was seeking a loan that would provide them with the capital needed to refresh the building’s image in the market,” said Klein. “Upgrades to the lobby and common areas as well as the building’s exterior will help draw small and midsize tenants that want to be located south of the Driscoll Bridge to an already tight submarket.”
“Bancorp quickly understood the borrower’s needs and was able to provide a non-recourse loan structure that will enable Denholtz Associates to execute its business plan,” added Mikula. “Their process was seamless and they were able to close in approximately 30 days, which helped the borrower meet their upcoming loan maturity.”
Denholtz Associates is a privately-held development, investment and management company active in office, industrial, flex and retail real estate. Denholtz targets value-added real estate, allowing its combined substantial in-house capabilities and financial resources to capitalize on opportunities that exist in the marketplace. The company’s entrepreneurial spirit and decades of experience has enabled it to consistently grow a diverse, multi-state portfolio reflecting a variety of property types and locations consisting of millions of square feet of quality real estate. Headquartered in Matawan, New Jersey, Denholtz Associates has 100 employees and maintains offices in Atlanta, Chicago and throughout Florida and New Jersey.Related Articles: